The Office for National Statistics said the government’s net borrowing was £23.2 in May, above economists’ £19bn prediction.

Burnham has won the Makerfield by-election. Just how much could he cost us if he goes on to become prime minister?

Bond markets are set to give their verdict on the prospect of a starmer premiership after a decisive by-election victory.

The Office for National Statistics said the government’s net borrowing was £23.2 in May, above economists’ £19bn prediction.

The 10-year yield on UK gilts – Government bonds – rose by 0.05 percentage points to 4.81% shortly after the market opened.

If elected, the Greater Manchester Mayor will likely drag the Government further to the left, increasing taxes and spending, and therefore borrowing.

By Miriam Mukuru and Renae Dyer

Record government borrowing for May and £377million a day in debt interest payments mean whoever runs the country is hemmed in from the start

UK public sector borrowing hit £23.3B in May 2026, exceeding forecasts by £5.6B as record debt interest payments and rising spending strain fiscal policy.